Radiating Hope
BIMB HOLDINGS BERHAD ANNUAL REPORT 2011
This year's Annual Report has as its focus the theme "Radiating hope".It is an apt reflection of how the companies within the BHB Group are continuing to contribute to greater allocative efficiency, market discipline, financial stability, and social responsibility. In a world beset with financial crisis, these strengths inherent in Islamic banking should offer a new ray of hope for achieving the cherished goal of systemic stability. As we work towards a common goal, our IslamicBanking, Takaful, Stockbroking and other related businesses are bringing together their collective strengths and resources to skilfully add a healthy dimension to the international financial system and secure amidst a highly competitive marketplace.
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BIMB HOLDINGS BERHAD 423858-X
Inside 6 Notice of the 13th Annual General Meeting 8 Notice of the 14th Annual General Meeting 10 Statement Accompanying Notice of the 13th Annual General Meeting 10 Statement Accompanying Notice of the 14th Annual General Meeting 11 Corporate Profile 12 Corporate Information 13 Group Corporate Structure 14 Directors Profile 18 CEOs in the Group 19 Management Committee 20 5-years Group Financial Highlights 23 Letter to Shareholders 30 Corporate Responsibility 34 2009/2010 Highlights 38 Statement of Corporate Governance 49 Statement on Internal Control 51 Additional Compliance Information 55 Financial Statements 144 Properties Owned by the BHB Group 154 Shareholding Statistics 157 Regional Group Network Form of Proxy for the 13th AGM of the Company Form of Proxy for the 14th AGM of the Company
Enhancing Lives
We are committed to provide financial access to all including the underserved community and giving back to the society.
Discovering Opportunity
At BIMB Holdings, we believe opportunity exist in most unlikely places.It's when you explore the unfamiliar, you will find ideas that reshape the way you think, feel and experience banking. A t B I M B H o l d i n g s , the opportunity is now here.
BIMB HOLDINGS BERHAD 423858-X7
Conserving Energy
The BHB Group values the environment that we operate in and is committed to protecting it by promoting innovation through technology enhancements.
Nurturing Talents
A company is only as good as the people behind it and that is why the BHB Group believes in investing in our most valuable asset our workforce. By continuously providing our talent training and development opportunities, charting their career growth and exploring ways to inspire them, we are setting in place the elements to foster our sustainable growth
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BIMB HOLDINGS BERHAD 423858-X
Notice of the 13th Annual General Meeting NOTICE IS HEREBY GIVEN THAT the 13th ANNUAL GENERAL MEETING of BIMB Holdings Berhad ("BHB" or "the Company") will be held at Tun Rahah Grand Hall, Level 1, Menara Yayasan Tun Razak, 200 Jalan Bukit Bintang, 55100 Kuala Lumpur on Thursday, 12 May 2011 at 10.00 a.m. for the following purposes: ORDINARY BUSINESS 1. To receive the Audited Financial Statements for the 18 months financial period ended 31 December 2010 together with the Reports of the Directors and Auditors thereon. [Ordinary Resolution 1] 2. To approve the payment of a fi nal dividend of 1.60% less 25% tax in respect of the 18 months financial period ended 31 December 2010. [Ordinary Resolution 2] 3. To re-elect the following Directors who are retiring by rotation in accordance with Article 61 of the Company's Articles of Association and being eligible, have offered themselves for re-election:a) Encik Zahari @ Mohd Zin bin Idris [Ordinary Resolution 3] b) Encik Johan bin Abdullah [Ordinary Resolution 4] 4. To re-elect the following Directors who are retiring in accordance with Article 66 of the Company's Articles of Association and being eligible, have offered themselves for re-election:a) Tuan Syed Elias bin Abd. Rahman Alhabshi [Ordinary Resolution 5] b) Puan Rozaida binti Omar [Ordinary Resolution 6] 5. To consider and if thought fi t, to pass the following resolution in accordance with Section 129 of the Companies Act, 1965:"That Encik Salih Amaran bin Jamiaan, who is retiring in accordance with Section 129 of the Companies Act, 1965, be and is hereby re-appointed as a Director of the Company to hold offi ce until the conclusion of the next Annual General Meeting of the Company." [Ordinary Resolution 7] 6. To approve the payment of Directors' fees for the 18 months financial period ended 31 December 2010. [Ordinary Resolution 8] 7. To re-appoint Messrs. KPMG Desa Megat & Co. as External Auditors of the Company until the conclusion of the next Annual General Meeting and to authorise the Directors to fix their remuneration.[Ordinary Resolution 9] SPECIAL BUSINESS 8. Proposed Amendment to Article 100 of the Company's Articles of Association on Electronic Dividend Payment (eDividend) "That the following existing Article 100 be deleted in its entirety and replaced with the following new Article 100:Existing Article 100 Any dividend, or other money payable in cash in respect of shares may be paid by cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders to the registered address of that one of the joint holders who is fi rst named on the Register of Members or to such person and to such address as the holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. Anyone of two or more joint holders may give effectual receipts of any dividend, bonuses or other money payable in respect of the shares held by them as joint holders. Proposed Amendment to Article 100 Any dividend, or other money payable in cash in respect of securities may be paid by cheque or warrant sent through the post directed to the last registered address of the holder or paid via electronic transfer of remittance to the bank account provided by the holder whose name appears in the Register of Members and/or Record of Depositors. Every such cheque or warrant or electronic transfer of remittance shall be made payable to the order of the person to whom it is sent or remitted, and the payment of any such cheque or warrant or electronic transfer of remittance shall operate as a good discharge of the Company's obligation in respect of the dividend, interest or other money payable in cash thereby represented.
BIMB HOLDINGS BERHAD 423858-X11
Notice of the 13th Annual General Meeting NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT NOTICE IS HEREBY GIVEN THAT subject to the shareholders' approval under Ordinary Resolution 2 at the 13th Annual General Meeting of the Company to be held on Thursday, 12 May 2011, a fi nal dividend of 1.60% less 25% tax in respect of the 18 months financial period ended 31 December 2010 will be paid on 15 June 2011 to shareholders whose names appear on the Record of Depositors as at 27 May 2011. FURTHER NOTICE IS ALSO HEREBY GIVEN that a shareholder shall qualify for dividend entitlement only in respect of: a) Shares transferred to the depositor's securities account before 4.00 p.m. on 27 May 2011 in respect of ordinary transfer b) Shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the rules of Bursa Malaysia Securities Berhad. By Order of the Board Maria binti Mat Said (LS 0009400) Company Secretary Kuala Lumpur 20 April 2011 Notes : 1. BHB has changed its financial year end from 30 June to 31 December and an announcement has been made to Bursa Malaysia Securities Berhad on 26 October 2009 on the change of fi nancial year end. Pursuant to Section 143(1) of the Companies Act, 1965 which stipulates that an Annual General Meeting ("AGM") must be held once in every calendar year, the Company had applied to the Companies Commission of Malaysia ("CCM") for the extension of time to hold its 13th AGM in respect of the calendar year 2010. Subsequently, CCM had on 15 January 2010 granted its approval for the extension of time to hold the 13th AGM until 31 May 2011. BHB did not hold any AGM in the calendar year 2010. In this regard, the forthcoming 13th AGM will be held to table the 18 months Audited Financial Statements for the financial period made up from 1 July 2009 to 31 December 2010 as well as other ordinary businesses, and this AGM shall be deemed to be held for the calendar year 2010. 2. A member of the Company entitled to attend and vote at the meeting may appoint a proxy or proxies to attend and vote instead of himself/herself. 3. The instrument appointing a proxy shall:i) in case of individual, be signed by the appointer or by his attorney; and ii) in case of a corporation be either under its common seal or signed by its attorney or by an offi cer on behalf of the corporation. 4. Where a member appoints more than one proxy the appointment shall specify the proportions of his holdings to be represented by each proxy. 5. All proxy forms should be deposited at the Company's Registered Offi ce, Level 18, Menara Yayasan Tun Razak, 200 Jalan Bukit Bintang, 55100 Kuala Lumpur not less than forty-eight hours before the time fi xed for holding of the meeting or any adjournment thereof. 6. Explanatory Note to the Special Business i) Special Resolution 1 - Proposed Amendment to Article 100 of the Company's Articles of Association on Electronic Dividend Payment (eDividend) cheques.
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BIMB HOLDINGS BERHAD 423858-X
Statement Accompanying Notice of the 13th Annual General Meeting Statement Pursuant to Paragraph 8.27(2) of the Listing Requirements of Bursa Malaysia Securities Berhad 1. The Directors who are standing for re-election at the 13th AGM of the Company are as follows:Article 61 of the Company's Articles of Association -Encik Zahari @ Mohd Zin bin Idris -Encik Johan bin Abdullah Article 66 of the Company's Articles of Association -Tuan Syed Elias bin Abd. Rahman Alhabshi -Puan Rozaida binti Omar Section 129 of the Companies Act, 1965 -Encik Salih Amaran bin Jamiaan 2. The details of the above Directors are set out in the Directors Profile on pages 14 to 16 of this Annual Report.
Statement Accompanying Notice of the 14th Annual General Meeting Statement Pursuant to Paragraph 8.27(2) of the Listing Requirements of Bursa Malaysia Securities Berhad 1. The Directors who are standing for re-election at the 14th AGM of the Company are as follows:Article 61 of the Company's Articles of Association -Dato' Paduka Ismee bin Ismail -Puan Zaiton binti Mohd Hassan Article 66 of the Company's Articles of Association -Tan Sri Ismail bin Adam Section 129 of the Companies Act, 1965 -Encik Salih Amaran bin Jamiaan 2. The details of the above Directors are set out in the Directors Profi le on pages 14 to 16 of this Annual Report
BIMB HOLDINGS BERHAD 423858-X13
Corporate Profile BHB is an investment holding company which operates along Islamic principles.It holds broad appeal for investors and customers because of its strong commitment to upholding ethical practices. BHB was incorporated in Malaysia on 20 March 1997, and was listed on the Main Market of Bursa Malaysia Securities Berhad on 16 September in the same year. The authorised capital of BHB is RM2 billion while its paidup capital is approximately RM1.07 billion.The core subsidiaries of the BHB Group are pioneers in various Islamic financial services including banking, takaful, stockbroking, and other related services.
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BIMB HOLDINGS BERHAD 423858-X
Corporate Information BOARD OF DIRECTORS Tan Sri Samsudin bin Osman Non-Independent Non-Executive Director/ Chairman Encik Johan bin Abdullah Group Managing Director/Chief Executive Offi cer Executive Non-Independent Director Dato' Paduka Ismee bin Ismail Non-Independent Non-Executive Director Encik Zahari @ Mohd Zin bin Idris Independent Non-Executive Director Puan Zaiton binti Mohd Hassan Independent Non-Executive Director Encik Salih Amaran bin Jamiaan Non-Independent Non-Executive Director Tuan Syed Elias bin Abd. Rahman Alhabshi * Non-Independent Non-Executive Director Puan Rozaida binti Omar * Non-Independent Non-Executive Director Tan Sri Ismail bin Adam * Independent Non-Executive Director AUDIT AND EXAMINATION COMMITTEE Encik Zahari @ Mohd Zin bin Idris (Chairman) Puan Zaiton binti Mohd Hassan Encik Salih Amaran bin Jamiaan Dato' Hairuddin bin Mohamed (resigned on 1 March 2011) NOMINATION AND ASSESSMENT COMMITTEE Puan Zaiton binti Mohd Hassan (Chairman) Dato' Paduka Ismee bin Ismail Encik Zahari @ Mohd Zin bin Idris Dato' Mohd Bakke bin Salleh (resigned on 15 July 2010) REMUNERATION COMMITTEE Puan Zaiton binti Mohd Hassan (Chairman) Dato' Paduka Ismee bin Ismail Encik Zahari @ Mohd Zin bin Idris Dato' Mohd Bakke bin Salleh (resigned on 15 July 2010)
SPECIAL COMMITTEE Encik Zahari @ Mohd Zin bin Idris Dato' Sri Zukri bin Samat Dato' Hairuddin bin Mohamed (resigned on 1 March 2011) SHARIAH SUPERVISORY COUNCIL BANK ISLAM MALAYSIA BERHAD Dr. Ahmad Sobri @ Shahbari bin Salamon (Chairman) Haji Mohd Bakir bin Haji Mansor Dato' Haji Daud bin Muhammad Dr. Yusof bin Ramli Dr. Ahmed Mohieldin Ahmed Dr. Uzaimah binti Ibrahim Haji Mohd Nazri bin Chik SHARIAH ADVISORY BODY SYARIKAT TAKAFUL MALAYSIA BERHAD Dr. Ahmad Sobri @ Shahbari bin Salamon (Chairman) Datuk Abdul Hamid bin Said (retired on 1 April 2011) Haji Mohd Bakir bin Haji Mansor Dr. Aida binti Othman Dr. Muhamad Rahimi bin Osman (appointed on 12 January 2010) SHARIAH ADVISORY COMMITTEE BIMB SECURITIES SDN BHD Haji Mohd Bakir bin Haji Mansor (Chairman) Dato' Paduka Dr. Mahmood Zuhdi bin Haji A. Majid Dato' Dr. Abdul Halim bin Ismail Dato' Mohd Bakke bin Salleh * Non-Independent Non-Executive Director Dato' Dr. Abdul Halim bin Ismail * Non-Independent Non-Executive Director Dato' Hairuddin bin Mohamed * Independent Non-Executive Director * Tuan Syed Elias bin Abd. Rahman Alhabshi (appointed on 1 December 2009) Puan Rozaida binti Omar (appointed on 1 December 2009) Tan Sri Ismail bin Adam (appointed on 3 January 2011) Dato' Mohd Bakke bin Salleh
(resigned on 15 July 2010) Dato' Dr. Abdul Halim bin Ismail (retired on 1 December 2010) Dato' Hairuddin bin Mohamed (resigned on 1 March 2011) CEOs IN THE GROUP Encik Johan bin Abdullah Group Managing Director/Chief Executive Officer BIMB Holdings Berhad Dato' Sri Zukri bin Samat Managing Director Bank Islam Malaysia Berhad Dato' Mohamed Hassan bin Md. Kamil Group Managing Director Syarikat Takaful Malaysia Berhad Encik Rashid bin Ismail Chief Executive Offi cer BIMB Securities Sdn. Bhd. COMPANY SECRETARY Puan Maria binti Mat Said (LS 0009400) AUDITORS KPMG Desa Megat & Co (AF 0759) Level 10, KPMG Tower 8 First Avenue, Bandar Utama 47800 Petaling Jaya, Selangor REGISTERED OFFICE Level 18, Menara Yayasan Tun Razak 200 Jalan Bukit Bintang 55100 Kuala Lumpur Tel: +603 2781 2999 Fax: +603 2781 2998 Website: www.bimbholdings.com SHARE REGISTRAR Symphony Share Registrars Sdn. Bhd. Level 6, Symphony House Pusat Dagangan Dana 1 Jalan PJU 1A/46 47301 Petaling Jaya Tel: +603 78418000 Fax: +603 78418152 STOCK EXCHANGE LISTING Main Market of Bursa Malaysia Securities Berhad 16 September 1997
BIMB HOLDINGS BERHAD 423858-X15
Group Corporate Structure
Banking
Takaful
51% 65.22% Bank Islam Syarikat Takaful Malaysia Berhad Malaysia Berhad
Stock & Share Broking
Leasing of Assets
100% BIMB Securities (Holdings) Sdn. Bhd.
100% Syarikat Al-Ijarah Sdn. Bhd.
100% BIMB Investment Management Berhad
63.09% ASEAN Retakaful International (L) Ltd
100% BIMB Foreign Currency Clearing Agency Sdn. Bhd.
56.00% P.T. Syarikat Takaful Indonesia
100% BIMSEC Nominees (Asing) Sdn. Bhd.
100% Al-Wakalah Nominees (Tempatan) Sdn. Bhd.
64.70% P. T. Asuransi Takaful Umum
100% BIMSEC Nominees (Tempatan) Sdn. Bhd.
80% Farihan Corporation Sdn. Bhd.
74.78% P. T. Asuransi Takaful Keluarga
100% BIMSEC Asset Management Sdn. Bhd.
100% Bank Islam Trust Company (Labuan) Ltd 100% BIMB Offshore Company Management Services Sdn. Bhd.
51% BIMB Securities Sdn. Bhd.
Investment Holding - Venture Capital 100% BIMB Musyarakah Satu Sdn. Bhd.
Others 48% Islamic Banking & Finance Institute Malaysia Sdn. Bhd. *
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BIMB HOLDINGS BERHAD 423858-X
Director’s Profile Tan Sri Samsudin bin Osman Chairman/Non-Independent Non-Executive Director Master in Public Administration, Pennsylvania State University (USA) Bachelor of Arts (Hons), University of Malaya Diploma in Public Administration, University of Malaya
Tan Sri Samsudin, 64, a Malaysian, was appointed to the Board on 1 February 2007. He is currently the President of Perbadanan Putrajaya. He is also the Chairman of the Employees Provident Fund ("EPF") Board, EPF Investment Panel and Board of University Utara Malaysia. Tan Sri Samsudin also sits on the Board of Sime Darby Berhad as a Director. From 2001 to 2006, .He has not been convicted of any offence within the past ten (10) years.
He attended 7 out of 8 Board Meetings held in the financial period.
Dato' Paduka Ismee bin Ismail Non-Independent Non-Executive Director Associate Member of Chartered Institute of Management Accountants Member of Malaysian Institute of Accountants
Dato' Paduka Ismee, 46, a Malaysian, was appointed to the Board on 9 October 2006. He is a member of the Nomination and Assessment Committee and the Remuneration Committee of BHB. He is currently the Group Managing Director and Chief Executive Offi cer of Lembaga Tabung Haji ("TH").He is also the Chairman of Syarikat Takaful Malaysia Berhad and a Director of Bank Islam Malaysia Berhad, TH Plantations Berhad, KFC Holdings Malaysia Berhad, Johor Corporation and 1Malaysia Development Berhad. Prior to joining TH, he was the Chief Executive Offi cer of ECM Libra Securities and a Director of ECM Libra Capital Sdn Bhd. He has not been convicted of any offence within the past ten (10) years.
He attended 5 out of 8 Board Meetings held in the financial period.
BIMB HOLDINGS BERHAD 423858-X17
Director’s Profile Encik Zahari @ Mohd Zin bin Idris Independent Non-Executive Director Senior Cambridge Certificate
Encik Zahari, 67, a Malaysian, was appointed to the Board on 20 September 2002. He is the Chairman of the Audit and Examination Committee and is also a member of the Nomination and Assessment Committee, Remuneration Committee and Special Board Committee of BHB. He is also a Director of Bank Islam Malaysia Berhad. He began his career with Malayan Banking Berhad ("Maybank"), whereby between 1962 to 1996, he held various senior positions in Maybank, including that of General Manager, Commercial Banking Division (last position held).He has not been convicted of any offence within the past ten (10) years.
He attended 7 out of 8 Board Meetings held in the financial period.
Encik Salih Amaran bin Jamiaan Non-Independent Non-Executive Director Master in Business Administration, Wharton School, University of Pennsylvania (USA) Diploma in Public Administration, Victoria University, Wellington (New Zealand) Bachelor of Science (Economics), London School of Economics and Political Science, University of London (UK)
Encik Salih Amaran, 71, a Malaysian, was appointed to the Board on 18 February 2005. He is a member of the Audit and Examination Committee of BHB. He served as Deputy Secretary, Finance Division at the Malaysian Ministry of Finance; General Manager, International Banking Division of Malayan Banking Berhad; Special Advisor (Economics) of the Commonwealth Secretariat, London; and Deputy Director, Trade Finance and Promotion Department of the Islamic Development Bank (IDB) in Jeddah and was the Regional Representative of IDB for Brunei, Indonesia and Malaysia based in Kuala Lumpur.He has not been convicted of any offence within the past ten (10) years.
He attended 7 out of 8 Board Meetings held in the financial period.
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BIMB HOLDINGS BERHAD 423858-X
Director’s Profile Tuan Syed Elias bin Abd. Rahman Alhabshi
Non-Independent Non-
Executive Director Master of Management, Asian Institute of Management (Philippines)
Tuan Syed Elias, 67, a Malaysian, was appointed to the Board on 1 December 2009. He has over 45 years of experience in domestic and international banking and financial sector. He started his career with Malayan Banking Berhad and later, Bank Bumiputra Malaysia Berhad, where he held various senior positions at both banks between 1966 to 1982 including that of General Manager, International Banking (last position held). He was also formerly the Executive Director of Merrill Lynch, Asia Pacific District from 1987 to 1998, Chief Operating Officer of Hong Leong Group Capital from 1990 to 2001 and Managing Director of Babcock & Brown,Asia Pacific from 2002 to 2008. He was the Group Executive Director of Realmild Sdn Bhd from 2008 to 2009. He has not been convicted of any offence within the past ten (10) years.Effective from his appointment,
Tuan Syed Elias attended 5 out of 5 Board Meetings held in the financial period.
Tan Sri Ismail bin Adam Independent Non-Executive Director Master of Arts (Economics), Vanderbilt University (USA) Bachelor of Arts (Hons), University of Malaya Diploma in Public Administration (Post-Baccalaureate Diploma), University of Malaya Advanced Management Program, Harvard Business School
Tan Sri Ismail, 60, a Malaysian, was appointed to the Board on 3 January 2011. He is currently the Advisor to HayGroup Sdn Bhd.He started his career with the civil service where he had held various senior positions including that of Chief Administration Offi cer of the Department of Statistics, Director-General of National Productivity Corporation, and Secretary General of Ministry of Health.He has not been convicted of any offence within the past ten (10) years.
He did not attend any Board Meetings held during the financial period as he was appointed on 3 January 2011.
BIMB HOLDINGS BERHAD 423858-X19
CEOs in the Group
Encik Johan bin Abdullah Group Managing Director / Chief Executive Offi cer BIMB Holdings Berhad
Dato' Sri Zukri bin Samat Managing Director Bank Islam Malaysia Berhad
Dato' Mohamed Hassan bin Md. Kamil Group Managing Director Syarikat Takaful Malaysia Berhad
Encik Rashid bin Ismail Chief Executive Officer BIMB Securities Sdn. Bhd.
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BIMB HOLDINGS BERHAD 423858-X
Management Comittee
seated from left: Encik Johan bin Abdullah Group Managing Director/Chief Executive Officer
standing from left:
Encik Mohamad Azlan bin Mohamad Alam
Tengku Maizura binti Tengku Ishak
Group Chief Financial Officer
Head, Corporate Services
Encik Junady bin Nawawi
Encik Aidil Haznul bin Zulkifli
Head, Corporate Strategy & Transformation Management
Senior Manager, Legal
BIMB HOLDINGS BERHAD 423858-X21
5-years Group Financial Highlight 2006 RM000 Share Capital 562,965 Shareholders Funds (145,890) Deposits from Customers 14,148,593 Takaful Funds 2,445,551 Financing of Customers 8,601,387 Investments 2,622,481 Total Assets 17,742,000 Revenue 1,115,953 Profit/(Loss) before Zakat and Taxation (1,177,939) Net Profit/(Loss) (1,230,008) Dividend Less Taxation - Financing to Deposit Ratio (%) 60.79 Gross Impaired/ Non-Performing Financing (%) 22.17 Net Impaired/ Non-Performing Financing (%) 9.15 Earning/(Loss) per Share (sen) (218.49) Net Tangible Assets per Share (RM) (0.26) Gross Dividend per Share (%) - Net Dividend per Share (%) -
2007 2008 2009 RM000 RM000 RM000 Restated
2010 RM000 (Note 1)
891,390 921,188 17,388,633 2,635,212 8,403,285 4,002,831 22,551,201 1,858,669
891,390 1,066,790 1,005,284 1,272,533 20,535,907 24,871,451 3,197,799 3,452,341 9,055,028 9,661,864 3,734,094 9,092,943 27,582,097 31,898,208 1,426,814 1,490,180
1,066,790 1,654,735 26,798,107 3,954,559 11,860,631 15,432,490 35,490,831 2,596,313
909,105
379,615
299,132
588,155
787,762 13,193 48.33
236,198 9,693 44.09
113,659 9,601 38.85
230,837 24,802* 44.26
22.40
18.65
12.70
4.50
11.44
7.82
4.90
1.08
97.86
26.50
12.69
21.64
1.03 2.00 1.48
1.13 1.45 1.09
1.19 1.20 0.90
1.55 3.10* 2.33*
Note 1 Change in accounting year from 30 June to 31 December, with transitional financial period of 18 months for 2010. * Including a proposed final dividend of 1.60% less 25% tax subject to shareholders approval at the forthcoming Annual General Meeting.
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BIMB HOLDINGS BERHAD 423858-X
5-years Group Financial Highlight
BIMB HOLDINGS BERHAD 423858-X23
Directors’ Report FOR THE 18 MONTHS FINANCIAL PERIOD ENDED 31 DECEMBER 2010
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the 18 months financial period ended 31 December 2010. PRINCIPAL ACTIVITIES The Company is principally engaged as an investment holding company with business transacted in accordance with Islamic principles,whilst the principal activities of the subsidiaries are as stated in Note 14 to the financial statements. There has been no significant change in the nature of these activities during the financial period. CHANGE IN FINANCIAL YEAR END The Group and the Company have changed its financial year end from 30 June to 31 December to coincide with the financial year end of its holding corporation, Lembaga Tabung Haji. Hence the financial statements are for the 18 months financial period ended 31 December 2010. RESULTS Profit for the period attributable to: Shareholders of the Company Minority interests
Group RM 000
Company RM 000
230,837 219,628 450,465
30,188 30,188
RESERVES AND PROVISIONS There were no material transfers to or from reserves and provisions during the fi nancial period under review except as disclosed in the financial statements. DIVIDENDS Since the end of the previous financial year, the Company paid: i) a final ordinary dividend of 1.20 sen per ordinary share less tax at 25% totalling RM9,601,109 (0.90 sen net per ordinary share) in respect of the year ended 30 June 2009 on 17 December 2009; and ii) an interim ordinary dividend of 1.50 sen per ordinary share less tax at 25% totalling RM12,001,386 (1.12 sen net per ordinary share) in respect of the 18 months fi nancial period ended 31 December 2010 on 1 October 2010. The final ordinary dividend recommended by the Directors in respect of the 18 months fi nancial period ended 31 December 2010 is 1.60 sen per ordinary share less tax at 25% totalling RM12,801,479 (1.20 sen net per ordinary share). IMPAIRED FINANCING Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that proper actions had been taken in relation to the writing off of bad financing and the making of impairment allowance for impaired financing.
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BIMB HOLDINGS BERHAD 423858-X
Statements of Financial Position Group Company Note 31.12.2010 30.6.2009 31.12.2010 30.6.2009 RM '000 RM '000 RM '000 RM '000 Assets Cash and short term funds 3 2,762,195 8,482,444 63,815 224,701 Deposits and placements with financial institutions 4 412,798 90,682 - - Financial assets held-for-trading 5 2,279,891 294,868 - - Derivative financial assets 6 44,326 19,776 - - Financial assets available-for-sale 7 12,936,655 8,635,312 12,229 12,187 Financial assets held-to-maturity 8 215,944 162,763 - - Financing, advances and others 9 11,860,631 9,661,864 - 100,000 Other assets 10 200,727 190,681 252 532 Statutory deposits with Bank Negara Malaysia 11 10,000 139,729 - - Current tax assets Assets classified as held for sale 12 30,316 13,694 1,682 1,190 Deferred tax assets 13 59,023 71,646 1,659 1,659 Investments in subsidiaries 14 - - 1,557,642 1,295,231 Investment in associate 15 1 149 1 149 Property, plant and equipment 16 195,586 160,714 433 770 Prepaid lease payments 17 23,989 24,800 - - General Takaful and Family Takaful assets 18 4,458,749 3,947,615 - - Total assets 35,490,831 31,898,208 1,637,713 1,636,419 Liabilities Deposits from customers 19 26,798,107 24,871,451 - - Deposits and placements of banks and other financial institutions 20 378,129 8,078 - - Derivative financial liabilities 6 30,926 21,811 - Bills and acceptances payable 163,191 283,212 - Other liabilities 21 503,062 365,959 684 8,018 Zakat and tax 37,975 33,188 - - General Takaful and Family Takaful liabilities 18 504,190 495,274 - General Takaful and Family Takaful participants' funds 18 3,954,559 3,452,341 - - Total liabilities 32,370,139 29,531,314 684 8,018 Equity Share capital 23 Reserves Total equity attributable to shareholders of the Company Minority interests Total equity Total equity and liabilities
1,066,790 587,945
1,066,790 205,743
1,066,790 1,066,790 570,239 561,611
1,654,735 1,465,957 3,120,692 35,490,831
1,272,533 1,094,361 2,366,894 31,898,208
1,637,029 1,628,401 - - 1,637,029 1,628,401 1,637,713 1,636,419
The notes on pages 67 to 139 are an integral part of these financial statements.
BIMB HOLDINGS BERHAD 423858-X25
Statements of Comprehensive Income Group 31.12.2010 30.6.2009 RM '000 RM '000
Company 31.12.2010 30.6.2009 RM '000 RM '000
Profit for the period/year 450'465 Other comprehensive income Currency translation differences of foreign operations 36,257 Net gain on revaluation of financial assets available-for-sale 73,446 Other comprehensive income for the period/year, net of tax 129,268 Total comprehensive income for the period/year 579,733 Attributable to: Shareholders of the Company Minority interests 297,481 Total comprehensive income for the period/year 579,733 260,379
207,708
30,188 13,111
(20,775) 42 52,671 260,379
- - 42 30,230
The notes on pages 67 to 139 are an integral part of these financial statements.
379 379 13,490
140,890 30,230 13,490 30,230 13,490
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BIMB HOLDINGS BERHAD 423858-X
Regional Group Network Bank Islam Malaysia Berhad (98127-X) 11th Floor, Wisma Bank Islam Jalan Dungun, Bukit Damansara 50490 Kuala Lumpur Tel : 03-2088 8000 Fax : 03- 2088 8028 Al-Wakalah Nominees (Tempatan) Sdn Bhd (122372-P) 11th Floor, Wisma Bank Islam Jalan Dungun, Bukit Damansara 50490 Kuala Lumpur Tel : 03-2088 8762 Fax : 03- 2088 8742 BIMB Investment Management Berhad (276246-X) 15th Floor, Menara Tun Razak Jalan Raja Laut 50350 Kuala Lumpur Tel : 03-2694 6617 Fax : 03-2694 3516 BIMB Foreign Currency Clearing Agency Sdn Bhd (507913-V) 9th Floor, Menara Tun Razak Jalan Raja Laut, Peti Surat 11080 50734 Kuala Lumpur Tel : 03-2693 4287 Fax : 03-2693 4115 Bank Islam Trust Company (Labuan) Ltd (LL04013) Level 5 (l), Main Offi ce Tower Financial Park Complex Jalan Merdeka 87000 Wilayah Persekutuan Labuan Tel : (6) 087- 451 806 Fax : (6) 03-451 808
BIMB Offshore Company Management Services Sdn Bhd (587171-M) Level 5 (I), Main Offi ce Tower Financial Park Complex Jalan Merdeka 87000 Wilayah Persekutuan Labuan Tel : (6) 087- 451 806 Fax : (6) 03-451 808 Farihan Corporation Sdn Bhd (558474-D) 9th Floor, Wisma Bank Islam Jalan Dungun, Bukit Damansara 50490 Kuala Lumpur Tel : 03-2088 8000 Fax : 03-2088 860 Syarikat Takaful Malaysia Berhad (131646-K) 26th Floor, Blok Annex Dataran Kewangan Darul Takaful No. 4, Jalan Sultan Sulaiman 50000 Kuala Lumpur Tel : 03-2268 1984 Fax : 03-2274 2864 Asean Retakaful International (L) Ltd (LL01129) Level 14, Blok 4 Financial Park Complex Jalan Merdeka 87000 Wilayah Persekutuan Labuan Tel : 087-451 301 / 087-451 302 / 087-451 303 Fax : 087-451 300 P.T. Syarikat Takaful Indonesia Graha A, Graha Takaful Indonesia Jalan Mampang Prapatan Raya No. 100, Jakarta 12790 Indonesia Tel : 6221-799 1234 / 6221-799 2345
BIMB HOLDINGS BERHAD 423858-X27
Regional Group Network P.T. Asuransi Takaful Keluarga Graha B, Graha Takaful Indonesia Jalan Mampang Prapatan Raya No. 100, Jakarta 12790 Indonesia Tel : 6221-799 1234 / 6221-799 2345 Fax : 6221-790 1435
BIMSEC Nominees (Tempatan) Sdn Bhd (319821-M) 32nd Floor, Menara Multi Purpose Capital Square No. 8, Jalan Munshi Abdullah 50100 Kuala Lumpur Tel : 03-2691 8887 Fax : 03-2691 8854
P.T. Asuransi Takaful Umum Graha A, Graha Takaful Indonesia Jalan Mampang Prapatan Raya No. 100, Jakarta 12790 Indonesia Tel : 6221-799 1234 / 6221-799 2345 Fax : 6221-790 1944
BIMSEC Asset Management Sdn Bhd (419248-V) 32nd Floor, Menara Multi Purpose Capital Square No. 8, Jalan Munshi Abdullah 50100 Kuala Lumpur Tel : 03-2691 8887 Fax : 03-2691 8854
BIMB Securities (Holdings) Sdn Bhd (290167-V) Level 18, Menara Yayasan Tun Razak 200, Jalan Bukit Bintang 55100 Kuala Lumpur Tel : 03-2781 2999 Fax : 03-2781 2998
Syarikat Al-Ijarah Sdn Bhd (112330-P) Level 18, Menara Yayasan Tun Razak 200, Jalan Bukit Bintang 55100 Kuala Lumpur Tel : 03-2781 2999 Fax : 03-2781 2998
BIMB Securities Sdn Bhd (290163-X) 32nd Floor, Menara Multi Purpose Capital Square No. 8, Jalan Munshi Abdullah 50100 Kuala Lumpur Tel : 03-2691 8887 Fax : 03-2691 8854
BIMB Musyarakah Satu Sdn. Bhd. (538579-A) Level 18, Menara Yayasan Tun Razak 200, Jalan Bukit Bintang 55100 Kuala Lumpur Tel : 03-27812999 Fax : 03-27812998
BIMSEC Nominees (Asing) Sdn Bhd (319820-P) 32nd Floor, Menara Multi Purpose Capital Square No. 8, Jalan Munshi Abdullah 50100 Kuala Lumpur Tel : 03-2691 8887 Fax : 03-2691 8854
Islamic Banking & Finance Institute Malaysia Sdn Bhd (340040-M) 3rd Floor, Dataran Kewangan Darul Takaful, Jalan Sultan Sulaiman 50000 Kuala Lumpur Tel : 03-20311010 Fax : 03-20785250
BIMB Holdings Berhad (423858-X) Level 18, Menara Yayasan Tun Razak 200 Jalan Bukit Bintang 55100 Kuala Lumpur Tel : +603 2781 2999 Fax : +603 2784 2998 www.bimbholdings.com